MediciNova (NASDAQ:MNOV) Releases Quarterly Earnings Results, Beats Expectations By $0.05 EPS

MediciNova (NASDAQ:MNOV) released its quarterly earnings results on Wednesday. The biopharmaceutical company reported ($0.05) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.10) by $0.05, FiscalAI reports. The company had revenue of $0.15 million during the quarter.

MediciNova Stock Performance

Shares of MNOV stock traded down $0.01 during trading on Friday, hitting $1.54. 8,189 shares of the company were exchanged, compared to its average volume of 76,240. The business’s 50-day simple moving average is $1.53 and its 200 day simple moving average is $1.41. MediciNova has a twelve month low of $1.13 and a twelve month high of $1.96. The firm has a market capitalization of $75.64 million, a price-to-earnings ratio of -6.08 and a beta of 0.55.

Analysts Set New Price Targets

A number of research firms have commented on MNOV. D. Boral Capital reaffirmed a “buy” rating and set a $9.00 price objective on shares of MediciNova in a research note on Friday, January 30th. Weiss Ratings restated a “sell (d-)” rating on shares of MediciNova in a research report on Monday, December 29th. Finally, Lucid Cap Mkts upgraded shares of MediciNova to a “strong-buy” rating in a research report on Monday, January 5th. Two equities research analysts have rated the stock with a Strong Buy rating, one has given a Buy rating, one has given a Hold rating and one has given a Sell rating to the company’s stock. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus price target of $7.00.

Institutional Investors Weigh In On MediciNova

A number of institutional investors have recently modified their holdings of MNOV. State Street Corp grew its holdings in shares of MediciNova by 10.9% during the 4th quarter. State Street Corp now owns 193,698 shares of the biopharmaceutical company’s stock valued at $254,000 after acquiring an additional 19,100 shares in the last quarter. Jane Street Group LLC purchased a new stake in shares of MediciNova during the fourth quarter worth $214,000. StoneX Group Inc. acquired a new stake in MediciNova during the fourth quarter valued at $25,000. Goldman Sachs Group Inc. purchased a new position in MediciNova in the fourth quarter valued at about $35,000. Finally, Citadel Advisors LLC acquired a new position in MediciNova in the 3rd quarter worth about $92,000. Institutional investors and hedge funds own 9.90% of the company’s stock.

About MediciNova

MediciNova, Inc is a clinical-stage biopharmaceutical company focused on the development and commercialization of novel small-molecule therapeutics for neurodegenerative, inflammatory, fibrotic and oncological diseases. Founded in the late 1990s, the company advances its proprietary compounds through clinical trials and strategic partnerships, with a goal of addressing areas of high unmet medical need. MediciNova is headquartered in San Diego, California, and maintains a presence in Tokyo to support collaborations and regulatory interactions in Asian markets.

The company’s leading clinical asset, MN-166 (ibudilast), is an anti-inflammatory and neuroprotective agent originally approved in Japan for asthma and post-stroke dizziness.